i just don't know. imus: any way you can find out? >> of course. of course. we can do all-- i've got a staff just sitting. >> moron. imus: and sports sponsored by peerless boilers. warner wolf, good morning, warner. >> good morning, i-man. 27 in a row for the heat and go for 28 tomorrow night in chicago. tiger woods wins the arnold palmer international for the 8th time. what have you done for me, tubby smith rescued a program, cheating scandal. took minnesota to three ncaa tournaments, won 61% of his games, six seasons, fired one day after losing sunday to florida. imus: must have been something else going on, right? >> no, they just can't wait. imus: oh. >> they're impatient, that's the way it is today. imus: who did they hire now? >> i don't know. i am, obviously, guy's a good coach, won the national

championship with kentucky. imus: what tubby gonna do? >> he would get another job, i would think so. imus: all right. coming up here on the radio we'll talk to father jonathan morris. on tv "varney & company" gets underway. happy birthday to kenny chesney, 45 today. ♪ summertime is finally here and man, back in gear out on 49 ♪ ♪ i can see the lights ♪ ♪ school's out and man, just like a long lost friend you haven't seen in a while ♪ ♪ can't help, but smile ♪ ♪ two bare feet on the dashboard ♪ ♪ young love in an old ford ♪ ♪ and jeans and a tattoo and a yoo hoo bottle on the floorboard ♪ ♪ out on the radio, sing along 'cause it's one we know ♪

♪ it's a smile, it's a kiss, it's a sip of wine ♪ ♪ it's summertime ♪ ♪ sweet summertime ♪ ♪ imus in the morning ♪ >> well, the protesters took a holiday, but they're back in force in cyprus today. i'm charles payne in for stuart. now, here is the big story. cyprus may have approved a bailout plan, but the crisis, well, it's far from overment banks now will not open until nurse and that's at the earliest. panic and anxiety set in and worse the longer the banks are closed. after hearing comments from the dutch finance minister yesterday, called the cyprus plan a template for the euro

zone, we have to ask, how close are we to something like that happening here in america? for now though, the market's pointing up and "varney & company," we're about to begin. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade.

>> well, the big story today remains cyprus, all of the nation's banks will remain closed until thursday. and even when the banks do open, there's going to be a limit on just how much money people can take out. now, we have rich edson, he's on the phone in cyprus. rich, i've got to say it's got to be an understatement to call the mood tense? >> it's tense, uncertain. there's a level of anger, anger pointed at different folks depending who you speak with. there's a lot of frustration because they believe the banks will be open on thursday, they're supposed to be open today. they're not open today. they've now been closed for a better part of ten days. students were protesting this morning and we got caught in the middle of that. more than a thousand high school students in the streets ended up at parliament building

protesting what they say is a bad deal for cyprus and rather, they say some of them, leave the euro zone now and some of the bankers will be losing the jobs as part of the bank bailout deal that will wind down the nation's second largest bank. there's intense feeling. there's anxiety, and really, the problem is the uncertainty. so many of the specifics of this package have to be released and they're not knowing what the capital controls are, the banks are supposed to be opening today, but they're not. charles: it looks order will you, but be safe out there. >> you got it. thanks, charles. charles: we want to go to nicole on the new york stock exchange and everyone knows, nicole, you've got family over there. what's the latest you're hearing? >> my cousin irene messaged me from cyprus and the words in her note to me included panic, fear, uncertainty. she said, nicole, we don't know what to believe at this point.

and then, she ended the note with discriminationings and white the cypriot people are there at a loss, no money, no gasoline, they're in the streets, they're frightened, but they maintain their faith and determination to keep cyprus going for the long-term. they have the one big thing, which is the natural gas and that's going to be their big playing card in the years going forward. charles: we appreciate it and say the best to your family. make sure that she knows and everyone else knows that we're rooting for them. thanks a lot, nicole. now, here is the question of course that we have been asking on "varney & company" ever since this crisis in cyprus began. can it happen here? after the break we have a guest who says yes. that and the opening bell are next. we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us.

we learned a lot of us have own someone who's lived well into their 90s. and that's a great thing. but en though we're living longer one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪

a talking car. but i'll tell you what impresses me.

a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ >> well, we're just about a minute away from the opening bell. joining the company from chicago, larry levin. and larry, i want your thoughts on this. you know, the people, they're not at fault with all of these things that we're seeing going on around the world and it's banks and governments that meet these bailouts, but of course, it seems the people are the ones to pay. having said that do you think what's happening in cyprus could ultimately happen here in america? >> now, i'd like to think not. all right?

and like to think in cyprus they don't have the ability to print money and live in the fantasy world, printing money in hundreds of billions in bonds every year and keep it low artificially. i think our government will keep doing that. unfortunately, i believe they're waiting for some kind of bubble to happen. right? they had an internet bubble, a housing bubble and without a bubble they're going to keep things going the way they're going. charles: the bell is going off and the markets. larry, we did bail them out, there was a tarp program along with the other goodies you're talking about and it's not outside the realm of possibility? >> i guess it's not outside the realm of possibility and they like to keep people quiet here and we have short memories. in my opinion they'll get things going as long as they can until something picks up the economy, in my opinion it's going to be a bubble, an energy bubble or

what, something they're waiting for. charles: larry, we appreciate it. and the market is open and on the screen, the dow up 36 points. the banks in cyprus are closed right now officially until thursday so let's see how the other european banks are trading, nicole. nicole: it's interesting because yesterday the all the banks were higher on the cyprus bailouts and the european banks turned into the red throughout the day when there were concerns that maybe what they're doing in cyprus could be a model for the rest of the euro zone. and today you have deutche bank and pnb paribas-- there goes deutche bank. the national bank of greece selling off, banco santander. and saying maybe we should confiscate money throughout europe and then all the banks pulled back. charles: i don't know if they floated a trial balloon or what,

but it's a crazy statement and it's going to last longer than a twitter tweet. thanks, nicole. we have two big names that you know are making news this morning. boeing begin the 787 dreamliner test and they want the flights to test a new battery system. a test of what's a nightmare and the boeing is positive trieding this morning, up 77 cents and yahoo! reportedly paid 30 million dollars for a mobile news reader app created by a 17-year-old high school student. my son is 16, i've got to talk to him. yahoo! by the way is killing the app, but says in a blog post, but the technology will be used in some of its other mobile offerings and that stock is up almost a percentage point. and netflix is a big winner, you've got an upgrade? >> a couple of things, they've upgraded it, upped the price target to $225 from 160. i mean, anybody over at pacific crest woke up this morning and

said, it's surpassed 160, and we've got to raise the price target. you've got to find out why they've got that, and overseas operations and overall results. there you go, that's the hot part this have note. the other thing you should note, hulu a competitor to netflix and coin star looking for a buyer, potential buyer in buying the on-line video service, he had multiple stories circulating in this video streaming world. back to you. >> thanks a lot. now, we've been asking if the tax levees can happen in this. and despite the fdic insuring your money. you actually say this could happen here in america? >> well, in a sense it's happening here, you've got the inflation rates higher than the interest rates. depositors are losing 2 or 3% of their money every year.

remember, back in 1933 fdr confiscated everybody's gold and a year later revalued gold to $32 in effect cutting people's savings in half in terms of gold. it's not only happening now in a chronic stealthy way, it happened in the past just hike in cyprus, with america going into an ever-increasing deficits and spiraling debt and at some point that has to come to an end. if they don't do it by stealing it by inflation, they'll have to do what they did in cyprus, which is just to take it. charles: that's the part that i think scares a lot of people. you made great points and argue that obamacare makes us spend money we don't want to spend and estate tax confiscates money that's already been taxed. and the idea that they can go this weekend, i've got 2 grand in the bank and on monday morning, maybe it's 1600, that's scaring people because something like that, that scenario, could

that play out? >> well, europe has said it couldn't happen and now it says it can happen and is happening and it's suggested that it could happen in the future. people have to understand that when the economies break down, anything can happen to their money and their money is not totally safe. it doesn't matter where you are, if countries go broke, your money is not safe and america is heading towards going broke any way you look at it. unless that's turned around that's the ultimate destination. when it happens is anybody's guess, but we're on the wrong path here and if we don't change that path it has to happen. charles: and do you think that ultimately we have to find out a way to make the big banks less vulnerable. in other words, the stress test from a couple of weeks ago was an unmitigated joke. the idea that we would have a doomsday scenario and these banks would whistle past the graveyard, because it seems like banks always come before the american public. like we're held hostage to the banks, until he we find out a

way to either unwind them, break them up, something, won't we always be vulnerable to having our monies taking from us? >> it certainly looks like that. you have to understand that banks are part of the government. they're regulated totally to the nth degree. if governments want to pump money into the economy they put it into the banks. they're attached at the hip. and when you look at that, you look at banks and looking at basically part of the government structure. so, you can't do one without the other. at the end of the day the government causes the economic problems not the banks. the banks are the pipelines for the policies. charles: having said all that, yesterday the major banks in italy tumbled significantly. he ultimately had to stop trading in them because conventional wisdom is that italy could be the next major economy that needs a bailout and if that happens, well, if you've got more than 100,000 euros

certainly you'd be nuts to keep that money in an italian bank, but would it be nuts to keep more than 250,000 in any individual bank in this country? >> i think for now, as i say, your money's safe. i don't think it's going to happen overnight. what you really need to worry about is that you've got your money on deposit at 1 or 2% and inflation at 3 or 4%. you're getting a 2% haircut every year, you're not told it's compulsory, you have to look at your savings and try to think of ways to protect it from that process of getting paid less interest than there is in inflation. i think that's the key thing that people have to bear in mind. they can sit there for five years and find out they lost 10 or 15% just through that process and that's a key thing that people have to think about now. charles: that's fantastic. so many people have their heads in the sand and hoping for the best instead of being proactive on things you just talked about. very informative. we appreciate taking the time this morning, talk to you again

soon. >> thank you. charles: entitlements as you know are exploding in america. more disability checks are handed out every month than new jobs are created. more taxpayer dollars are spend on disabled workers, food stamps and welfare combined. that's right, new at 10 we're going to bring you the numbers, i'm telling you they're staggering, and prepare to be outraged. that's at the top of the hour. now i've got the honors of doing 7 early movers. and this is goldman upgraded them and they like this semiconductor. netflix, nicole told, but it, 19 firms are still not sure on this. even though some firms are upping it, a lot of firms are not sure about netflix. electronic arts though, an overweight from piper jaffray, target 23 and the last few days, one of the directors bought 31,000 shares and that's interesting as well. american mobile shall the

mexican wireless company, from a buy to a neutral and they like the way that stock is moving. usg, they make the wall board and made adjustment to the plan. and they say it's to help the tax benefits, but typically when wall street sees this, they think that maybe someone is kicking the tires. put that on your watch list. and the coal stocks have been decimated and nevertheless, raymond james says this is a buy and trading at book and discounts to sales. and finally, take a look at this. okay on the respiratory drug is creating a lot of speculation that glaxo, partner will make a bid for them. if they get the okay, the revenues go up 300%. let's check on the big board. we've been heading up since the market opened and the dow jones industrial average up 64%. time is money, so, in 60 seconds here are three more issues we're going to be talking about and you're going to get fired up about.

one county administrator in oakland, california, that area, makes $423,000 a year and will so for life. now, wait until you hear some of the perks that she also gets to help bad that pension. the judge is going to be here to respond to stuart's defense of the nanny state. you remember that. if we're paying for entitlements and health insurance for a large part of the country we should have a say in what people eat and whether they smoke or not. and examples of government inflicting maximum pain because of sequester cuts. one of them half a billion in aid to the palestinians. check the price of oil. won't go under 90. and this is a big, big move. when it comes to charity, we know that the united states is the richest country in the world. rich americans don't give nearly as much of their income on a percentage basis as lower americans. and one has a defense of it.

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>> slow and steady wins the race. the market up 84 marching higher since the open. okay, america, now, who among you or the most generous? well, the answer may surprise you. in 2011 people with earnings in the top 20% contributed 1.3% of their income to charity. meanwhile, people with earnings in the bottom 20% donated 3.2% of their income to charity. here to explain is ken berger, the president and ceo of charity navigator. a lot of people say, this is sort of not necessarily headline news because the conventional wisdom is that the rich are greedy and selfish and they

don't do enough. they don't give enough. is that fair? >> we've seen research that doesn't support that. that shows that the rich actually, the top 20%, give about 3% of their income. and that they're the second most generous group and that middle income people give about 2 1/2%. >> so, one thing that is factual. no matter who is doing the number, the lower, bottom 20% as a percentage of income they are the most charitable and find a way to help out. >> yeah. >> mankind, if you will. no matter what their income. >> the working poor. charles: why the disparity? why would one survey say one number and be so far off for instance the number you gave us? >> i think it may be statistics can be used to prove anything and depends on the researchers and their slant, but the research that we've looked at comes from harvard and i don't think that they necessarily are a bastion for advocating the position that the wealthier are

necessarily going to give the most. >> the idea that the statistics can be used to, you know, as any way you want to sort of buttress an argument, what do you think then the people who say the rich aren't giving as much as you're saying? what's the point? what are they trying to do? are they trying to embarrass the rich people or force rich people to give to certain charities? what's going on here? >> it's the latter. i think there's an argument that the rich only give to places that will get their names, that will be for arts and other things and if there's more worthy giving that they should be providing. charles: give me an example. >> that they should be giving money to shelters for the homeless as opposed to a museum or a hospital. charles: or the metropolitan, you know, et cetera. and i think maybe, there's sot legitimacy to that. and never seems to run out of money and lavishing, get to wear the gowns and things like that. and don't necessarily wear the

gowns and tuxedos to the local shelter. >> one of the challenges, this is worthy and that's not worthy. we can go down a slippery slope. who decides? and there is value in institutions, those hospitals are critically important and educational institutions are important. who is to be the judge of that. on the other hand it's certainly true that if, let's say if conservatives want to reduce government funding, then i think the onus is to make sure that those safety nets services that now may get 90% or more from government funding, that is if that did happen at that point, it would make sense. >> it would be something like meals on wheels or something like that, a program like that that sort of helps the needy, individuals can contribute to it, but still the over arching or overwhelming majority of money comes from government. >> yeah, i think it's a little known fact in our country today. many direct service charities, 90% of their money or more can come from government funding.

>> i've got to tell you, i'm glad you make the points because i think the rich are extraordinarily generous like almost all americans are and it shouldn't be about, you know, putting someone down for giving a certain amount of money. the fact is we're the most generous country in the world. thanks a lot. time for your morning gold report. gold is sort of, just sort of out there. it has pulled back under 1600, that scares a lot of people and we're down pretty big and everyone wonders what's going on with the money printing. >> why can't gold go up straight like it has for 12 or 13 years, it's down right now. how would you like to become a millionaire before your 18th birthday? i'm going to talk to my son about this when i get home, but for a kid in england that dream has become reality. and he did it on his own. sandra smith and david asman are here and they're going to react to the app that the kid made millions on after this. ♪

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>> so yahoo! reportedly struck up a multi-million dollar deal with a 17-year-old kid, a british whiz kid and sold his

app to yahoo!. it is for smart phones and tablet users and going to work in london's yahoo! office and finish up high school as well. guys, it's a fantastic story. david: what is incredible about it, the guy was 15 when he came up with the idea. he's 17 now and's going to make 30 million dollars presumably from this, but we're all talking about whether a college education is worth it. maybe a high school isn't worth it. sandra: you talk about how he was 15 when he started the business and he started attracting big investors, aside from the fact of this 30 million dollar purchase. hong kong billionaire stepped in and the attention of ashton kutcher after him. and can you imagine you're in your room and your mom is after him, clean your room. his mom still does, taking phone calls from hong kong investors, a kid. charles: a terrific story. david: what do you tell your kids about education when they come up with examples like this. here i'm paying $60,000 a year

for a liberal arts education when this kids invents a 30 million dollar device when he's 15 years old. charles: always have a thirst for knowledge. 15, my favorite thing was playing with the plastic army men, so the kid-- >> and snowflakes out of popsicle sticks. charles: they were cool. david: not really, not really. sandra: there's always room for innovation when it for technology and he found a spot. charles: that's good because it's interesting because in this country, we're hearing where one of the new entitlements also is going to be everybody should have a laptop or some access to the internet and you know, a lot of kids just use it to watch youtube videos all day so at least this kid nicked into the right thing, phenomenal. i've still got to have a talk with my kid. tension ins cyprus are starting to rise. here is the thing. is there any indication that the banks here in america-- the banks over there it are going to open on thursday and they've been closed for a week

and a half. we'll go live to cyprus for that. and the newest story on the explosion of social security berths and the federal government is dishing out. what's the incentive to work when you can live off the government dole because of back pain? those outrageous numbers are next. friday night, buddy.

you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. >> astounding and sickening news numbers this morning on the entitlement explosion here in america. welcome to the new hour of "varney & company." i'm charles payne in for stuart.

well, the number of americans on social security disability alone far outpaces the number of new jobs that are being created in this economy. in fact, here are the numbers for you. 14 million, that's how many disability checks the federal government sends out each month. the government spends more on disabled workers than on food stamps and welfare combined. another number, 33.38% how many newly diagnosed disability workers are citing back pain as a reason for not being able to work. back pain, kind of hard to disprove. one more number, less than 1% of people who went on disability at the beginning of 2011 returned to the work force. if we count all of those people in the unemployment report, guess where the rate would be? much higher than now. entitlement nation alive and well in america. ♪ >> we'll get back to the

numbers in just a minute. first, we want to keep you updated on cyprus. once again, all of that country's banks remain closed until thursday at the least. the chairman of the bank of cyprus resigned and no one is sure what will happen when the banks finally open. rich, are we sure that the banks are even going to open on thursday? >> charles, we're not and we were expecting that the banks would be open today and they're not open today. so there's not all that much confidence that maybe thursday morning, it's a certainty that we'll have these banks open. it's also lacking confidence in the fact that 4.2 million euros can be produced from the nation's second largest bank. while the eu officials go through this. they're not all that sure what they're going to find. so, you know, we're still waiting to hear so many details, how much money are actually housed in these banks, what kind of capital controls will the government of cyprus eventually

come out with to make sure that there's not a flight of capital when they open the banks up and if that does happen on thursday. and how much of a loss are the depositors at the bank of cyprus, and other banks getting capital infusion, the biggest in the country, their uninsured deposits are over 100,000 euros and they're going to take a hair cut. they're not sure how much they're going to lose on this. we're hearing somewhere in the neighborhood of 40%, but we're not sure of that. there's a lot of uncertainty in cyprus. folks don't know when the banks open and what it's going to be like when they do. charles: i've been hearing 70% on the haircuts, either way it's going to huge and draconian. and we've been trading to the upside, 14,527. i want to check back now with nicole petallides. nicole, you do have family in cyprus. so what are they saying right now and more importantly, what

are they feeling. nicole: what we've been talking about is obviously the fear, the panic, the contagion. the worry -- my mother received a note from a good friend talking about the fact she had all of her pension, she worked for the bank of cyprus for many years and her son has been unemployed for years and unemployment for a lot of the younger people and the worry that that little money she had stored away was supposed to be for studies. and that's what you do in cyprus, you send your children abroad to study for college in order to give them a great foundation and so, worry there about what will happen and just the disbelief. we talked, rich said how the banks were supposed to open today, right? and they didn't. so, when are they going to open? they say thursday, is that even true? the haircut they're going to impose on those with over 100,000 euros. are they going to do it once? are they going to do it again? it's one thing after another and it's the uncertainty and

disbelief what's going on and suffering, too, now you're going to talk about the grocery stores that only have one day left of food. they won't get shipments in because the people who are bringing the food in want to be paid in cash. there's no cash to pay out because nobody can get to the banks. that's how it's going. >> it seems that we've seen they've been so much more orderly in other places in europe that have gone through this and i think so far they're taking the biggest brunt of anybody so far. rich said something interesting, no one is sure how much money might be in the banks. if there's not enough in the banks, are people there concerned they may say we have no choice, but to hit accounts under 100,000 euros. >> that could happen, too. imagine if that happens, too. these are all people working. people it's a business mecca. in the early 70's, cyprus got hit. they had an invasion and they lost agriculture and they had a big economy drop and over the years, they worked so hard to rebuild that. how did they do that? by making it a business venture

and a business mecca and they were flourishing in the euro zone. >> nicole, we appreciate it. back to the astounding numbers on disability payments. cost taxpayers 260 billion dollars a year and as of 2011, 33.8% of newly diagnosed disability workers cited back pain as a reason for being unable to work and finally, less than 1% of those people who went on disability at the start of 2011 had returned to work. so, company, the numbers are shocking and tell some sort of story beyond, you know, beyond people being hurt. something is wrong here. >> well there are two problems, there's an economic problem, which is unsustainable. we're spending more than food stamps and welfare combined. and 260 billion a year and growing. so there's the economic part that you just can't sustain at all, but there's also the social problem. it used to be that even poor people were reluctant to take handouts.

now, it's-- you're considered a fool if you don't take advantage, if you don't game the system. that social problem in my mind is harder to tackle the economic problem. sandra: if you break the numbers down on state by state, city by city. an and they looked at a county in alabama, one out of four adults is collecting disability checks. and the numbers on those that are on disability are not factored in the national unemployment number. charles: great appointment. sandra: if we were, we would look at unemployment higher. charles: to combine both of your points. my mother lives in alabama and worked at a convenience store there and people who had disability checks coming in and bragged about it. they called it the crazy check, a lot of them the economy is so bad it's driving me nuts and you'll get paid. david: i have a hard working accountant from staten island, middle class, struggled to get through college and c.p.a. and

still paying off college loans and has a friend graduated from high school became a cop immediately. the cop just saw at a high school reunion is now retired at a lifetime pension of over $100,000 a year. and he's 43 years old. sandra: we should say there are cases it's necessary, but the government needs to vet the cases. charles: that's the problem. sooner or later we are going to suck up the money from people who are stealing it and people who need it aren't going to get it. obamacare turned three over the weekend and clearer and bigger, get ready. obamacare 3 billion dollars in regulatory costs 175 million hours of paper work and these numbers are coming from the american action forum. so i guess nancy pelosi was right. >> but we have to pass the bill so you can find out what is in it away from the fog of the controversy. >> the fog has left the

controversy and choking our wallets. and company, we have someone who says we're not stuck with the debt. there's still time. sandra: we're stuck with the debt. talking 31 billion already spent and the latest cbo figures show that the net cost for the average expansions of obamacare in 2014 alone skyrocketed 41 billion dollars, and those are projected to quadruple between 2014 and 2023. the fog has cleared, charles. david: the insurance premiums are going to double the wall street journal said last week and medicine requires innovation. this program does not allow innovation, you need freedom, need to move around and now you have taxes and regulations and find out that mobile apps, one of the greatest devices for modernizing the medical services for doctors and nurses and now are subject to the same kind of medical tax, obamacare. charles: medical devices. david: the little things that go in your heart and destroying any case for real innovation in

medicine and that's going to hurt us. charles: it's hard to quantify that stuff, but it adds up in many ways. yesterday, stuart turned some heads in the show when he defended mayor bloomberg's nanny state. take a listen to this. >> new york's mayor suggested that they need a nanny, dare i suggest he's right? >> and later in this hour, judge napolitano will weight in. does the judge support stuart's pro nanny state theory? that's interesting, we'll find out. and let's go back to nicole. and super value is cutting jobs, what's it done to the stock. nicole: revamping the business and selling some chains and it's up 1.4%, so it's getting an upside on the news it's cutting about 1100 jobs, this is across the country. super value an actually has been losing some customers to some of their big rivals such as kroger

and wal-mart stores, so, this is why they are working on this. and in january, the company announced 3.3 billion dollar deal by selling five of the supermarket changes to an investment group. that's what we're looking at. and good day for super value. charles: much better year to your point to kroger and wal-mart. the decline of the two parent household, a reason why men are earning less in the workplace. boys who are raised by single parents are typically less successful. i bristle when i hear these kind of reports. >> me, too. charles: what do you think the basis is? >> there's a lot of cause and effect. let's take a step back. talking about a study, wayward sons. done by two professors in mit. and what they found was the facts are there twice as many single parents as 30 years ago and sons that are raised by single moms turn out to be less

successful than the average male, but what is the cause and effect here, is there a problem and should we do anything about it? that's what i'm not clear on. >> doesn't the study go further saying that the weak men raised by single mothers can't attract a strong woman and this one ends up having a child by herself doesn't want this guy involved and the numbers will grow. that single women will grow, but the weak men will also grow and go in the opposite directions. >> are we in a self-perpetuating cycle. the facts, men's wages have decreased. the rich are getting richer, that's at the top. if you look the at the average male skills, employment rates have decreased. women's wages have increased over the last 30 years. plus, there's less of a stigma now for a single mom than ever before. so more single women are concluding they can raise a child on their own. i'm not ready to say that this is a failure of men or men are weak.

let's for a minute say that women have fights for equal wages for a minute? that would make me happy. charles: you like that part of the narrative. >> yes , yes, the study talks about that as well. charles: maybe it's been exaggerated with the great recession and jobs that have been hardest hit like construction, male-dominated industry. >> it feels like men, wait until your father gets home, and men aren't the dominant bred winners, that men took a step backward. >> things like globalization, technology, deunionization, these things are advantages to women so, yes, there's that change and these things are here to stay and not going away. we have to ask ourselves, is there something that we can do to help these wayward sons, as the study calls them? >> the answer is not clear, and people, economists and politicians and everyone is at the stage where we've seen trends and they are stark trends, more marked for men without college degrees.

these are the men earning the lowest wages and lowest college degrees. the question is, should we fix them? should we go through the k through 12 education or college education or are we-- are women just taking a larger piece of the pie and everything is okay? >> i've got to tell you, my parents separated, divorced when i was 12, so i was raised along with my two brothers. >> you did pretty well. charles: my mother didn't raise no wussy, that's all i can tell you. >> and i know a lot of successful single men raised by single mom. >> you have to step up to the plate a lot of times when that happens. david: a lot of step-dads step up to the plate, too. charles: that's you, my man. david: a lot of us. charles: appreciate it, real do. >> thank you. charles: well, you really can't make things like this up. and there's a county administrator who retires and gets nearly half a million dollars in retirement payment per year and by the way, there's nothing he wiillegal about it, one of those only in california

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>> so how is this for a cushy government job? the administrator of alameda, california gets paid 423,000 a year he, including a car allowance and pretty generous performance bonuses, now, here is the best part. she'll get some of those benefits for the rest of her life. guys, this is amazing. . sandra: there's more. charles: there's more. sandra: she will also get a separate executive private pension plan for which the county chipped in $46,500 a year on top of that amount that we're discussing. david: you know, we were talking a couple of years ago when the problems with greece really began, we were saying, oh, it can't happen here, don't be wild and exaggerating about whether that stuff could. it's happening here right now. sandra: it's happening. david: we're already at the tippingpoint. we have-- this is not just an unusual case. you add this times a thousand, you're multiplying it times 10,000 and get the situation we're now -- we were talking

about disability, you add this on to the disability problem and you have an unsustainable system. we're about to go under if we don't fix this. charles: you know, guys, california is sort of like the epicenter for-- as crazy as we are across the country, they just always take it a step further. what do you think, this week in stockton, california the bankruptcy thing, if they're not allowed to change their pension plans, i don't know what-- >> i disagree with you, charles. california granted some absurd cases in california, bell, california that sort of thing. look at illinois, new york state. three-fourths of all the firemen who retire here retire with disability. again, god bless nthem, being a firefighter is not easy. but-- they're not for giving the debt obligations, stockton is, and if they do so that will set the stage. >> we've got to say listen, now

what, everyone tries to maximize what you can get and you can't blame necessarily the firemen, but someone has to step in and say enough is enough or to your point we're all in trouble. when you turn to a pawn shop to help fund your small business. accord to go a ceo that's what's happening and business is booming. the man who runs pawn go, an on-line pawn company is going to join us at 10:45. and joining the company now though from miami is shah gilani. before we get into your stock picks. you don't think that cyprus could actually happen in this country, do you? >> i'm never one to say never, charles. but in this particular instance, i can't see that happening. i put the prospect of that somewhere between slim and none. significantly closer to none. we've got the federal reserve here which prints enough money and pumps enough liquidity into the system, any bank that was in that much trouble that depositors wouldn't be at risk and so far off the radar. charles: at least you could take

this tape to them and say, do i get a break? first one, apple. >> apple has been so oversold. it was overboughten, one of the reasons that it's come down and i think a lot of smaller investors who got in in higher prices went down, and were losing money on a dollar basis. obviously, a percentage basis, too, a lot of selling. hedge fund selling to year's end and i think most of that's behind us. the company is fundamentally fantastic. the earnings are terrific. we've got almost 140 billion in cash and they're going to have to make some moves and they're going to do that and do it shortly and that's going to be, actually like to see them do a 10 for 1 split and the chance of a-- >> and apple should increase the dividend? what's your target on it, if you have one? >> i'd love to see them-- they could potentially increase by 50% without noticing that and i think they should definitely split the stock and make it much

more powerful to move around in and i think it's more acceptable for investors. charles: you like cablevision as well? >> i like cablevision and more of a deal play. cablevision i think is unloved and probably for some good reasons, but they have assets worth selling and i think we're moving into a strong deal environment and i think a company like cablevision is right for having a good look-through and make some changes, about 50,000 subscribers during superstorm sandy and i have high hope for cablevision. charles: and two stocks under pressure and also like gold and we don't have time for the details. shah appreciate it, man. >> thanks, charles. charles: google's new glasses are causing a stir, invasion of privacy, distracting drivers, a couple of the issues now. at least one state is already writing laws restricting the new technology. we'll get the judge's reaction to that after the break and also the judge's reaction to this, stuart's defense of mike

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>> time now for a check of the markets. you can see the big board is up

pretty nice today. 95 points. maybe we'll get a triple-digit move. "varney & company" viewers if you were watching the show yesterday you heard stuart defending mayor mike bloomberg ap the nanny state. here is a quick reminder in case you 0 missed it. >> maybe the mayor is right trying to ban large sugary drinks. i'm paying for diabetes treatments. and obamacare makes me pay for other people's heart trouble, maybe the mayor is right to ban them. cigarettes? i'm paying for your emergency room visit so quit now. charles: judge andrew napolitano, judge, i've got to ask you, what you think of stuart's take. >> i love stuart, but feel sorry for him. it's socialist, london school of economics, and for the nanny state. and stuart i know you're not here and probably making a

fortune giving a speech and worth every nickel of it. charles: a lot of conservatives feel that way. >> and the government forced to pay for people and gofrt takes money from us, and a couple of technical things, stuart haven't personally or directly paying for this. many of these people probably do have private insurance, but the big picture, personal liberty in a free society and how much personal liberty are we willing to give up. the other big picture is, this limitation on what we can put in our bodies in new york city did not come about after a great debate and a popular movement behind it. this was ordered by a dictator who calls himself the mayor and for that reason, the court invalidated it and properly so. people should have the right to make personal choices. charles: okay, but where, if ever, do you give up some rights when others are funding, footing the bill? >> you know, i don't know the

answer to that question because this is a brave new world. i understand the free market argument that i'm going to pay for the consequences of your behavior, i have the right to regulate that behavior, but the regulation destroys such fundamental freedoms that it should be intolerable in a free society, as should the requirement that the government pay for people's health and that everybody has health care because that really destroys the initiative and it destroys the concept of taking care of yourself. charles: that's the answer. stop making us pay for everybody's stuff and then i don't have to worry about what you eat and you don't have to worry about what i do with my money. >> precisely. david: the judge is right, it's such a slippery slope. no end to where it could stop. so many details we're finding out well if you eat too much sugar, too much salt, so many little details of life that could be factored into the equation if you give the government that role of guarding our health. >> david, you're so good. i really think stuart knew we

were going to do this today and chickened out. [laughter] >> and notice the phrase, chicken out. charles: and on a new topic, lawmakers are going after google glasses. it's not even out yet, est virginia officials there are drafting up a law that bans people from using them while they drive. what do you feel on this? >> well, you know, i'm -- again, this is interference with personal liberty in a free society. the government's going to tell you what glasses to wear? there's no track record that wearing these glasses causes accidents. there's no track record that because you have the glasses on you're going to use them. no track record that if you use them you can't drive carefully. the idea that we're going to interfere with free behavior, because it might be harmful can justify any-- >> and driving is a privilege. i mean, you make that distinction, do you not? driving-- >> as a privilege you have to

maintain certain standards, you can't drive when you're drunk or stoned and do this and that and in this case i think it's okay for the government to say you can't drive and wear these. >> i disagree on a couple of counts. driving on the government's property is a privilege. driving on your own property is a right. this may sound radical to you. it's none of the government's business what's in-- what the contents of someone's blood is if that person does no harm the fact that there's alcohol in their blood is none of the government's business. david: even if you're driving a car. >> sure. charles: but on a public road-- >> sure, in many countries in europe it's demonstrated statistically the car can be driven safely with the level of blood that we have over here. it's not going anywhere and it's philosophical. charles: it doesn't go with me. >> the glasses haven't come out yet and that the glasses interfere with the right to drive.

the preemptive strike of invalidating the glasses. david: you have a wear a seat belt whether or not you're likely to get into an accident or not. >> that's nanny state making me wear a seat belt. charles: i didn't wear it initially when they pushed in new york, after a couple of tickets, i wear mine. you look fantastic. >> that's not from wearing a seat belt. [laughter] hey, guys, president carter, both presidents bush and bill clinton are very wealthy men. why is the taxpayer paying millions of dollars per year in pensions for our ex-presidents? after this we'll talk about it. can your hearing aid do this?

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of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. twe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >> so how about this for your tax dollars at work? according to the nonpartisan congressional research service, the government spent close to 4 million on ex-presidents last year. george w. bush the costliest at a million and a quarter. pension, compensation and benefits for office staff and uncle sam picks up costs of travel and office space and postage. so, company this looks ripe for an area na could be cut or am i being unpatriot? >> not only are you not unpatriot, but i would like to go back-- i know it's impossible to go back in history when harry

truman left the white house, retired for 30 years and according to the historian, he had no income or support from the federal government other than the army pension $112 a month. he was provided no government funds for secretarial help or office space and not a penny of expense money and so it was until he died. >> and i should point out a declining trend. 3.7 million we paid in 2012 was less than the year before and that number less than the year before that. it's been going down, and a small drop in the bucket. i do think you're he being a little unpatriot. we have an obligation to protect our countries. >> what about the next president like bill clinton gets on the national stage and talks about sacrifice. he's earned 100 million dollars off of being president of the united states and he still accepts a pension, at some point wouldn't it be good for him to say maybe the patriot thing for

me to do would be not to make that money. >> i don't know, they should be given the option to turn it away. david: we heard the story his wife, the former secretary of state still has six secret service people assigned to her as an ex-wife as of a president, ex-first lady. charles: if the president needs the money, they don't-- if secret service, but the kind of money they're making, i don't think any of them need it anymore. and joining us next on the economy is scott rasmussen. and i want to look at the polls you've taken. the first one 28% say now is a good time to sell your house. could that be they're being smarter? are people feeling better about it? >> first of all, there are some neighborhoods in some areas of the country where it's a better time to sell than others, but these numbers much more optimistic than they've been in a long time. up 6 points from a month ago and 30% expect the home to go up in

the next year. let me show you the best sign. only 2% of home owners are very likely to miss a mortgage payment in the coming six months. down from 6% in 2010, so the defaults are headed down. charles: obviously, a lot of people have already been wiped out, too. >> yes. charles: the second poll and sort of dove-tails from what you're saying, and some say the youth economy is getting better and is that an improving number? >> sure, only 39% say it's getting worse. a couple of years ago, that number was above 70%, so, we're in this world where the economy is not seen as very good, but it's seen as less bad than it was and in a plurality of investors now say the economy is getting better, that could be an encouraging sign. >> that we've hit terra firma,

but we're not like a run away locomotive. a number on how sequester cuts are impacting people, because this was supposed to be the end. world. >> that's right. >> those devastating cuts. well, 12% of americans say they've been impacted by the cuts so far. that hasn't changed since the first weekend the sequester went into affect. there's not a growing sense after train wreck. and the other side of it 6 out of 10, 59% say that when all is said and done they expect to either have no impact or a positive impact. only 9% expect that over the long haul they'll have a very negative impact from the sequester. charles: wow, i wonder if the pr people at the white house know about that number? i think they do. scott. >> it was a bad issue for them. charles: it was a bad one, they overplayed their hand there. i really appreciate it, thanks a lot. >> thank you. charles: forget a bank loan. small banks turn into pawn shops for loans, really, they are. and we've got a man who says, yes, and he does this on-line.

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>> well, gas prices dropped a tick overnight. the national average of for a regular gallon of gas, 3.65. the price of oil. trading up. and super value announcing it's cutting 1100 jobs and the company says the cuts are part of a strategy to be more focused

and efficient and the shares of supervalu. and the random house, if i havety 50 shades of grey. and many copies. an a 338 million dollar jackpot, he was from new jersey bought the quick pick at a liquor store and officials say it's the fourth largest in powerball history. making money on pawn. and business owner with the pawn.

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>> all right. let's go back to nicole. the s&p 500 came within four points within the all time high. >> that's right, so, the worries about europe and the euro and the like, we still watch our markets right here at home. and it's very-- and the s&p 500 right now, 1557, but the numbers to watch, folks, with the record closing highs, 1565. that was set in october of 2007. so was the record intraday high, 1576. so, we'll be watching both of those numbers very closely to see if we break through. let's take a look, also at sonic, sonic came out with the quarterly report. the stock is at a new annual high and charts back to 2008. the critics raised their price target from 11, 9.50. an underperform rating.

that's not too good. and the sales forecast in the low single digit range and flat comp sales. and lazard raised the price target and a buy rating and confidence in the company's full outlook. mixed bag as far as the analyst calls, but the stock is at a new high. charles: when margin expand stocks typically go up. thank you, nicole. take a look at one of the cloud plays that took a hit. i think the hit was exaggerated and volume has been strong since last thursday, an insider just bought 200,000 worth of stock. i think it's one of those deals where the numbers came out and cloud stocks have been hurt and this one in my mind has been overexaggerated and the full year guidance could be better than this read. and it could also be a potential takeover target. would i say maybe 26 with a stop loss if you like this. and next guest saw an opportunity to cash in on the pawn situation.

he actually started a company called pawn go, an on-line pawn shop, for small businesses. todd hill joins us, the founder and ceo of the company. todd, this whole pawn craze has gone nuts, but you've taken it in a whole different direction? >> yeah, we definitely have. we brought the model on-line back in 2011 and you know, we're attracting a lot of small businesses across the country. you know, there's 27 million small businesses cross the country that they have a revenue base of a million dollars or less and their banking relationships have basically been shut down at banks can't deal with that type of small business. charles: you know, i tell you, it's so amazing. i talk about this all the time. i say he we should bring back the penny stock market. and if you can't raise it from a bank and it's too small for wall street. and what about rather than though it out there for the general public? >> that's how it started we did

throw it out to the general public and what we discovered in the first six months of operation, a lot of small businesses were coming to us and had a similar story that they had a cash flow problem. they used to be able to solve it at the bank and the banks basically abandoned their business and said, if they can't get financed. and so, you know, the country is flooded with luxury assets. a lot of the small business owners have a lot of of luxury assets they've acquired throughout the years. so, they're sending us those assets in lieu of a balance sheet or income statement. charles: can you give us examples of some of these items? >> sure. i mean, it's luxury handbags, it's luxury watch collections. large diamonds, you know, collectible, memorabilia, those assets easily shipped to our facility. and that's much easier for them than trying to take an income statement or a balance sheet and credit checks at the bank. charles: of course. so i guess sending you my office

furniture might be too cumbersome, huh? >> that's a little large for our business model. charles: and it seems early since this is just 2011. the track record isn't that long. how do you feel with respect to the success ratio. are the businesses able to patch up the tough patches and come back to you and get the items back? >> well, 85% of the small business owners that actually pledge assets to us and get a loan actually get their assets back. and what we found is they're using our services, at least once or twice a year. so you know, they're happy with the service, it's an affordable service for them and it's noninvasive. he no credit checks so they feel very comfortable with it. charles: and also, no one has to see you go inside the pawn store. i tell you, it's a great idea and obviously a public service, we've got to leave it there. pawn go and todd hill, appreciate it. >> thank you. charles: more now on the politics of pain and budget cuts. it turns out layoffs and flight

delays could have been avoided at the f.a.a. that's right. one problem, senator reid, harry reid blocked the measure for political gain and more maximum pain. that's next. tion: how old is t oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a grgreat thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪

>> so get this.

senator harry reid blocked a vote in congress that would have restored funds to airports to prevent those delays. reid has blocked nearly a dozen votes that would have saw some sequester cuts and he's keeping up with the president's plan to impose what a lot of people calling, david. maximum pain from sequester. david: this is disgusting. the fact is they're 50 million dollars in sequester cuts to the f.a.a. they have the thing called unspent balances, it's essentially a kind of agency slush fund, extra money left over that they could apply to all those dollar for dollar, all of those cuts from the sequester, could be applied from these unspent balances. this was a suggestion of senator jerry moran, a republican from kansas and of course, harry reid blocked that vote from happening and republicans kept trying to bring up similar measures that would replace the sequester cuts. every time harry reid cut these he wants to make the sequester cuts as painful as possible. sandra: and when they weren't

painful they made them try to appear to be painful and so they cried wolf and didn't work. charles: another example of government inflicting maximum pain. david: the state department says it's sending 500 million dollars in aid to palestine and trying to secure more from congress. so, sandra, this kind of seems a little odd considering all the pain that america's going through, from sequestration. sandra: it seems like a major theme of the show today. talk about the areas, you guys are talking about the money the president is taking or spent by the government on ex-presidents. there's a lot of areas that could be cut. a realistic conversation that should have taken place that needs to take place that isn't taking place here. charles: oh, boy. thanks a lot. the highlight reel is all about cyprus and it's next. your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a char card account with us. >> you just read my mind.

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